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When Alan Greenspan Opposes a Tax Cut...

As opposed to cutting back on aid to the unemployed or going soft on stimulating the economy, there are ways to begin changing the skew of who pays for the programs the country needs. From the looks of it, even some of the most ardent supporters of trickle-down economics are beginning to see this particular light.

Apparently, even Alan Greenspan has had a change of heart about the wisdom of exempting the wealthiest Americans from paying their share. In a Bloomberg News interview with Judy Woodruff, the former deregulator-in-chief said the following about what to do about the Bush Administration's 2001 tax cut:

WOODRUFF: On those tax cuts, they are due to expire at the end of this year. Should they be extended? What should Congress do?

GREENSPAN: I should say they should follow the law and let them lapse.

WOODRUFF: Meaning what happens?

GREENSPAN: Taxes go up. The problem is, unless we start to come to grips with this long-term outlook, we are going to have major problems. I think we misunderstand the momentum of this deficit going forward.